Aadhar Housing Finance Ltd. has received a public announcement of an open offer from Singapore-based BCP Asia II Holdco VII Pte. Ltd., backed by global investment firm Blackstone. The open offer is valued at Rs 5,335.37 crore assuming full acceptance.
The offer, made along with Blackstone Capital Partners (CYM) IX AIV - F L.P. and Blackstone Capital Partners Asia II L.P., seeks to acquire 25.82% of the company's equity from public shareholders for Rs 469.97 per share.
The offer marks an internal reshuffle within Blackstone-managed funds. While both acquirer and seller entities fall under the Blackstone umbrella, they belong to different fund structures. Since the entities are independently managed and not part of the same promoter group, the deal does not qualify for exemption under SEBI rules and therefore necessitates the open offer.
If the open offer and SPA are fully accepted, the acquirer would hold up to 81.57% of the company's equity. To comply with the regulatory ceiling of 75% non-public shareholding, the acquirer may reduce its stake acquisition proportionately and the seller plans to offload its remaining 10.04% to other investors, ensuring it holds no more than 9.99% post-transaction.
The acquirer has confirmed it will not delist Aadhar Housing Finance and that the offer is not conditional on any minimum acceptance level. The transaction awaits key statutory approvals, including those from the RBI and Competition Commission of India.
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